Tuesday Premarket Newsmakers: Nvidia Eyes $1T Market Cap, and Tesla’s Place in the AI Sweepstakes

Nvidia CEO unveils new supercomputer and files a shelf registration to raise $10 billion. Premarket action on Tuesday had the three major U.S. indexes trading higher. The Dow Jones industrials were up 0.12%, the S&P 500 up 0.55% and the Nasdaq 1.14% higher. The Biden administration and House Republicans reached a deal Friday night that will avoid a default on U.S. federal debt at least through the 2024 election. U.S. equity markets traded higher Tuesday morning, but the oil market was down nearly 2% because oil traders are wary, of both the deal and of how the global economy will react. West Texas Intermediate crude traded at around $71 a barrel Tuesday morning. Shares of Nvidia Corp. (NASDAQ: NVDA) traded up by about 3.52% in Tuesday’s premarket session. If that price holds until markets close, Nvidia’s market cap will reach $998 billion. During a visit to Taiwan to deliver the commencement speech at the country’s national university, CEO Jensen Huang told a roundtable at the Computex trade show, “I have just turned everyone into a programmer.” Huang also announced the company’s AI supercomputing platform, the DGX GH200, which connects 256 of the company’s Hopper superchip into a single graphics processing unit (GPU) with more than 18,000 Arm cores using 144 terabytes of memory. The new platform represents a full hardware and software stack for supercomputing and AI applications. While it is hard to make predictions about the future (h/t Yogi Berra), Nvidia’s head start in GPU computing is likely to last for at least a couple of years. Huang has also turned on Nvidia’s money-printing machine. On Friday, Nvidia filed a shelf registration with the U.S. Securities and Exchange Commission to sell another $10 billion in equity and debt. Between February 2022 and January 2023, Nvidia repurchased some 63 million shares of its own stock at an average price of nearly $160 per share. Issuing $10 billion in new equity and debt at a price of around $400 per share is a coup, and the company would have been negligent to pass it up. The only question remaining is not if but when Nvidia will become the first chip company to reach a $1 trillion market cap. Ahead of its fourth-quarter earnings report due after markets close Wednesday, Inc. (NYSE: AI) added nearly 6% to its share price in Tuesday’s premarket session. The stock closed up nearly 16% on Friday and was up about 200% so far in 2023, even more than Nvidia’s year-to-date gain of around 170%. A third big winner in the AI sweepstakes, according to Cathie Wood, founder of ARK Investment, is Tesla Inc. (NASDAQ: TSLA). Tesla’s full self-driving (FSD) software is an AI application that depends on fast image processing from the company’s camera-based autonomous driving software. CEO Elon Musk has consistently maintained that cameras are both better and cheaper than a lidar-based autonomous driving system. Still, Wood’s forecast that Tesla could be valued at more than double Apple’s current $2.75 trillion market cap by 2027 seems something of a stretch. Here is a look at how the markets fared on Friday, before the three-day weekend and the debt ceiling deal. 24/7 Wall St. Investors Grab 3 ‘Strong Buy’ Blue Chips That May Raise Their Dividends This Week wallst_recirc_link_tracking_init( "272876042647603201ca98", "graphic" ); Eight of 11 market sectors closed higher on Friday. Technology (2.68%) and consumer discretionary (2.38%) had the day’s biggest gains. Energy (0.37%) and health care (−0.17%) lagged. The Dow closed up 1.00%, the S&P 500 up 1.30% and the Nasdaq up 2.19% on Friday. Two-year Treasuries added four basis points to end Friday at 4.54%, and 10-year notes dipped by three basis points to close at 3.80%. In Tuesday’s premarket, two-year notes were trading at around 4.52% and 10-year notes at about 3.73%. Sponsored: Tips for Investing A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit......»»

Category: blogSource: 247wallst9 min. ago Related News

China"s markets for obscure commodities point to a sluggish economy and a weak rebound

Evidence is building across diverse corners of Chinese markets that the economy isn't rebounding as fast as expected. A woman shops at a supermarket in Beijing, China, October 15, 2015.REUTERS/Kim Kyung-Hoon China's economy isn't bouncing back as expected, and it's showing up in diverse corners of its markets. Commodities like glass, styrene, and corn starch show the rebound remains sluggish, per Bloomberg data. Trucked LNG prices have dropped to their lowest level in nearly two years as demand falters. China's economic rebound isn't panning out as well as expected, and weak demand is showing up across obscure corners of its commodities market, according to Bloomberg data. For example, glass futures on the Zhengzhou Commodity Exchange have declined almost 20% in the past month. China accounts for over half of the world's plate glass production, which has declined over recent months amid low margins, oversupply, and a faltering property market.Styrene, a material used for the plastics in home appliances, has also suffered from a weak housing market and retail sales of appliances. China has offered the world's fastest growing styrene market over the last decade.And pulp has seen prices decline. The packaging commodity, for which China is the biggest producer and consumer, saw futures plunge in February after a sharp recovery in production that domestic demand couldn't match.Meanwhile, prices on trucked liquefied natural gas — which covers the last few miles of consumer delivery for the key fuel — have tumbled to their lowest mark in nearly two years. Demand has weakened to such an extent that top importers for seaborne LNG have started to offer to resell shipments overseas, Bloomberg reported.And corn starch, too, has faced headwinds. China produces almost 50 million tons of the commodity per year. Since it's used in baby food, falling demographic numbers have weighed on corn starch demand and prices. High expectations for a robust post-COVID rebound have largely failed to materialize, and financial markets have been raising red flags in the stock, currency and metals markets.Yet, analysts have cautioned that Wall Street shouldn't be too near-sighted about the world's second-largest economy.The growing pessimism on China, according to Nicholas Lardy of the Peterson Institute for International Economics, stems from Wall Street's tendency to prioritize immediate metrics over long-term outcomes."I feel sorry for these people in some ways, because every time the Chinese release some data, they have to say something about it," Lardy told Insider.Read the original article on Business Insider.....»»

Category: topSource: businessinsider53 min. ago Related News

Russia and Saudi Arabia are at odds after a flood of Russian oil supply pushed the commodity"s price below a key break-even level needed to fund Saudi projects

Economic advisors have privately warned Saudi senior policy makers that the kingdom needs higher oil prices to fund a slew of megaprojects. Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called "The Line" to be built at Neom in northwestern Saudi Arabia, January 10, 2021.Saudi Royal CourtSaudi Arabia is growing annoyed with Russia as Moscow continues to pump cheap crude oil into the market.The increased supply of oil from Russia is helping push oil prices below levels Saudi Arabia needs to fund its megaprojects.Saudi Arabia's massive budget needs oil prices to be above $81 per barrel, according to The Wall Street Journal.Russia's pumping of cheap oil into the market is helping put downward pressure on prices for the commodity, and Saudi Arabia isn't happy as oil prices stay below a key break-even level, according to a report from The Wall Street Journal.The report found that Saudi Arabia's efforts to curtail production and push oil prices higher earlier this year have been undermined by Moscow's flood of cheap oil supply, and that the oil-rich nation has expressed its anger at Russia for not following through on its pledge to throttle production, the report said, citing people familiar with the matter."Saudi officials have complained to senior Russian officials and asked them to respect the agreed cuts," the report said.Members of OPEC+ said in early April that they would reduce oil output to help prop up oil prices. But recent data suggests Russia isn't following through on its side of the deal as it seeks to generate revenue to help fund its struggling economy and war effort.Oil prices have been in a solid downtrend since they peaked in March 2022, right after Russia invaded Ukraine, which set off a slew of supply-chain related problems and helped push oil prices above $120 per barrel. WTI Crude oil fell 4% on Tuesday to just under $70 per barrel, while Brent Crude oil fell 4% to $74.07 per barrel. Saudi Arabia needs oil above a key break-even level of $81 per barrel to help fund its massive budget of so-called gigaprojects, which include a 110-mile long city in the desert called "The Line" and a resort in the Red Sea that's the size of Belgium. Economic advisors have privately warned Saudi senior policy makers that the kingdom needs higher oil prices for the next five years in order to keep funding billions of dollars of projects, according to the report. That's in part because the projects have failed to attract a lot of investment from abroad. Saudi Arabia will have another chance to convince Russia to implement oil production cuts at an upcoming OPEC+ meeting in early June.Read the original article on Business Insider.....»»

Category: topSource: businessinsider53 min. ago Related News


CALGARY, AB, May 30, 2023 /CNW/ - CVW CleanTech Inc. (the "Company" or "CVW CleanTech") (TSXV: CVW)  is pleased to announce its operating and financial results for the three month period ended March 31, 2023. For complete details,  please refer to the Condensed Interim Financial Statements and associated Management Discussion and Analysis for the first quarter of 2023, available on SEDAR: ( or on the Company's website: Highlights Cash on hand as at March 31, 2023 was $6.9 million. The Company's capital position and liquidity has remained consistent with Q4 2022. A net increase in cash and cash equivalents was achieved primarily by maintaining financial prudence with operating expenses and cash generated through the exercise of stock options. Net loss for the period was $1,047,000 and the net loss per share was $0.01 (basic and diluted). Non-cash charges recognized for stock-based compensation expense totaled $553,000 in Q1 2023. A key priority for the business and a continuing focus is to ensure that commercial scale deployment of CVWTM technologies in the oil sands mining sector moves ahead in a timely fashion and delivers value to CVW CleanTech's shareholders. CVW CleanTech is also actively reviewing diversification opportunities to enhance our technology portfolio and identify additional value add opportunities. These include examining how the Company's technologies and resources could be more broadly applied in the clean technology industry. Diversifying in this fashion, while retaining a focus on clean technology and the role it plays within decarbonization and the circular economy, has the potential to accelerate the growth of the business across multiple sectors and geographies while transforming the company into a leader in the clean technology space. CVW CleanTech's CEO, Akshay Dubey said: "Our Company continues to progress towards commercialization of CVWTM technologies and we are actively engaged in discussions with the major mining oil sands operators. We are excited at the prospect of deploying our ...Full story available on»»

Category: earningsSource: benzinga1 hr. 25 min. ago Related News

TEN, Ltd. Celebrates 30-Years as a Public Company and Reports Record Profits for the First Quarter 2023 and Preferred Shares Redemption

$177 million Q1 Net Income - $2.5 billion of Net Income since inception Fivefold increase in EBITDA from Q1 2022 Strong cash reserves support at par redemption of Series D perpetual Preferred Shares 15 new charters increase minimum contracted revenues to $1.6 billion Market fundamentals remain strong ATHENS, Greece, May 30, 2023 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE:TNP) (the "Company") today reported results (unaudited) for the quarter ended March 31, 2023. Q1 2023 SUMMARY RESULTSAs TEN celebrates 30 years as a public entity, this quarter's performance highlights the Company's ability to achieve record profits by adapting its employment and investment policy to take advantage of market circumstances. As a result, in the first quarter of 2023, the positive industry fundamentals together with the trade imbalances the war in the Ukraine has created, continues to support a healthy tanker market and allowed TEN - despite operating fewer vessels - to generate gross revenues of $261 million, representing an increase of 74% or $112 million from the same quarter in 2022. Operating income in this year's first quarter climbed to $199 million which includes an $81 million capital gain from the sale of six first generation MRs and two handysize product tankers at values reflecting the strong demand for secondhand tonnage. The resulting net income, including the $81 million capital gain, totaled $177 million. Fleet utilization in the first quarter of 2023 amounted to 96.4% reflecting efficient technical management and the low number of scheduled dry dockings during the period. Boosted by TEN's flexible charters with upside potential, the fleet's average Time Charter Equivalent (TCE) more than doubled to $41,882 per day from the 2022 first quarter levels. Earnings Before Interest Tax Depreciation & Amortization (EBITDA) exceeded $236 million. As a consequence, the positive cash flow generated from the profitable contracts the vessels are employed under resulted in the increase of the Company's cash reserves, as of March 31, 2023, to $476 million. Bank debt in the first quarter of 2023 was $21 million lower from the year-end 2022 level at $1.39 billion. Interest and finance costs in the first quarter of 2023 reached $24 million, primarily due to higher underline interest rates and a new loan for the acquisition of a VLCC in November 2022. Daily operating expenses per vessel during the 2023 first quarter were at $9,213 impacted by the seasonal inventory buildup for the fleet and the inflationary pressures evident in the world economy. Depreciation and amortization marginally increased by $1.8 million partly due to two vessels undergoing dry-docking during the 2023 first quarter. RECENT EVENTS – NEW CHARTERSTEN continues to take advantage of prevailing solid charter rates and attractive long-term employment and as a result, it has secured new charters and extensions of 15 of its vessels (including two LNGs) on both fixed and marked related rates. These recent fixtures raise the total minimum contracted revenue of the fleet to $1.6 billion. CORPORATE AFFAIRS - DIVIDENDThe Company's Board of Directors has approved the full and at par redemption of TEN's 3,517,061 Series D Cumulative Redeemable Perpetual Preferred Shares currently outstanding with a par value of $25.00 per share or $87,926,525 in total. The redemption, along with accrued dividends, is scheduled for July 7, 2023. Through this redemption, the Company will generate annual preferred dividend savings of $7.7 million. This latest action brings the total number of preferred shares the Company has redeemed since 2019 to $188 million with total annual preferred dividend savings of approximately $16.1 million. In line with TEN's semi-annual dividend distribution policy and as previously announced, the Company will distribute in 2023 an annual dividend of $0.60 per common share, $0.30 of which will be paid on June 15, 2023, to shareholders of record as of June 9, 2023, and $0.30 cents to be paid in December 2023. This is a 140% increase from the $0.25 per common share paid during 2022 and brings the total dividends paid to common shareholders since TEN's NYSE listing in 2002 to well in excess of $500 million. In addition, and subject to ongoing strong freight market conditions, TEN's Board of Directors could consider an extra dividend to common shareholders for payment within 2023. The amount will be determined at that point and details of the relevant payment will be communicated through a separate public announcement. CORPORATE STRATEGYTEN is well placed to be a prime beneficiary of the solid market fundamentals. Its tried and tested mix of strong spot presence along with fixed and market related long-term charters to major oil concerns safeguards the Company's development going forward. In this environment, the accumulation of ample cash reserves from vessel operations and asset divestments will continue to fund the Company's growth and capital allocation. As secondhand prices remain healthy and demand for readily available tonnage is on the rise, management will continue to explore opportunities for the strategic sale of vessels whilst seeking fleet expansion by increasing its footprint in dual-fuel vessels in co-operation with its clients. Strong liquidity and debt reduction, together with dividend rewards for the shareholders are integral parts of TEN's policy. "Our 30th year as a public company finds TEN in record performance. With strong market fundamentals we expect to continue reducing our debt obligations, further strengthen our balance sheet and reward our shareholders with healthy dividend distributions," George Saroglou, Chief Operating Officer of TEN stated. TEN's FLEET GROWTH PROGRAM # Name Type Delivery Status Employment 1 H5081 Aframax Dual Fuel Q1 2024* Under Construction Yes 2 H5082 Aframax Dual Fuel Q1 2024* Under Construction Yes 3 H5083 Aframax Dual Fuel Q3 2023* Under Construction Yes 4 H5084 Aframax Dual Fuel Q4 2023* Under Construction Yes 5 H3431 Suezmax – Scrubber Fitted Q2 2025* Under Construction Under Discussion 6 H3432 Suezmax – Scrubber Fitted Q4 2025* Under Construction Under Discussion 7 H2654 Suezmax Shuttle Tanker Q2 2025* Under Construction Yes 8 H2655 Suezmax Shuttle Tanker Q2 2025* Under Construction Yes *Expected delivery as per shipbuilding contracts (could be subject to change) ABOUT TSAKOS ENERGY NAVIGATIONTEN, founded in 1993 and celebrating this year 30 years as a public company, is one of the first and most established public shipping companies in the world. TEN's diversified energy fleet currently consists of 67 double-hull vessels including four dual-fuel LNG powered Aframaxes, two scrubber-fitted Suezmaxes and up to three DP2 Shuttle tankers under construction constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.4 million dwt. Conference Call Details:Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201-689-7823 (US and Standard International Dial In). Please quote "Tsakos" to the operator and/or conference ID 13738977.Click here for additional participant International Toll- Free numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Simultaneous Slides and Audio Webcast:There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company's website. To listen to the archived audio file, visit our website and click on Webcasts & Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. ABOUT FORWARD-LOOKING STATEMENTS Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. For further information, please contact: CompanyTsakos Energy Navigation, Ltd. George SaroglouCOO+30210 94 07 Investor Relations / MediaCapital Link, Inc. Nicolas Bornozis Markella Kara+212 661                     TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES   Selected Consolidated Financial and Other Data   (In Thousands of U.S. Dollars, except share, per share and fleet data)                             Three months ended           March 31 (unaudited)       STATEMENT OF OPERATIONS DATA   2023       2022                           Voyage revenues $ 261,212       $ 149,704                             Voyage expenses   45,898         48,202         Charter hire expense   6,792         8,615         Vessel operating expenses   48,275         43,174         Depreciation and amortization   35,139        .....»»

Category: earningsSource: benzinga1 hr. 25 min. ago Related News

Wharton professor Jeremy Siegel doesn"t see the mania around AI stocks as a bubble - and says it"s impossible to predict where they"ll peak

Wharton professor Jeremy Siegel said it was impossible to predict where AI stocks would peak, though they may prove overvalued in the longterm. Jeremy Siegel.CNBC/Getty Images The mania around AI stocks isn't a bubble, Wharton professor Jeremy Siegel told CNBC. While these tech stocks may be overvalued long term, no one can predict where they'll peak, he said. He said that Nvidia, a beneficiary of the boom, was a "real, good company" with "blowout" earnings. Wharton professor Jeremy Siegel doesn't see the mania around AI stocks as a bubble — and said it's impossible to predict where these mega-cap tech stocks will peak. "Long term I would say that they were probably slightly overvalued. But for the short term, we know momentum can carry stocks far higher than their fundamental value and no one can predict how high they might go," Siegel told CNBC on Monday. He contrasted current AI boom with the dot-com bubble of the 1990s where there were "tremendous valuations from companies that had no earnings." He added that chip-maker Nvidia, whose recent earnings he described as "blowout," was a "real, good company.""That's a double push," Siegel said. "As we all know, the top eight or nine companies have accounted for all of the gain of the S&P 500 this year, the other 490 have been flat or down."The S&P 500 is up nearly 10% year-to-date, propelled by stellar gains in the likes of Meta Platforms and Nvidia, each of which has jumped over 115%. Microsoft, Apple, Amazon and Alphabet advanced over 39% each.Siegel added that he thinks the S&P 500 could come out a winner from the banking turmoil that unfolded over the past few months because these mega-cap stocks have credit availability. The banking sector was rocked by the failure of Silicon Valley Bank in March, which sparked a series of collapses that has made banks less willing to lend."The problem is, if the credit conditions slow the whole economy, then there's going to be a slowdown in spending that can affect everybody — even though they have credit availability and liquidity in those stocks," Siegel added. Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 25 min. ago Related News

The CEO of Priceline reveals why post-pandemic "revenge travel" is here to stay

The CEO of Priceline, Brett Keller, believes post-pandemic 'revenge travel' is here to stay. He also talked with Insider about leadership and AI. Brett KellerPriceline Brett Keller joined Priceline in 1999 just as the dot-com boom was getting in gear. He rose through the ranks to become CEO of the online-travel services company in 2016. In an interview with Insider, Keller talked about the company's early startup days — and its future. In a tourism industry dominated by flashy marketing campaigns touting tropical beach getaways, nonstop flights, and off-the-grid adventures, it's easy to overlook that much of the work that makes those vacations possible is performed by companies that operate behind the scenes.One of those companies is Priceline.Founded in 1997, the online-travel agency, based in Norwalk, Connecticut, has helped customers score deals on flights, hotels, and rental cars for nearly 25 years. Brett Keller joined the company in 1999 and rose through the ranks to become CEO in 2016.Keller, 55, who grew up in small-town Idaho, didn't travel much as a kid. Family vacations for him and his seven siblings centered around fishing and camping excursions. It wasn't until his college years at Brigham Young University, when he spent two years as a missionary in Japan, that he realized the eye-opening thrill of exploring new places.And yet, Keller didn't set out to forge a career in the travel industry. Rather, it was a fortuitous combination of time and place. He received his MBA from Cornell in the late '90s, just as the dot-com economy was getting in gear. A former colleague who worked at Priceline invited him to tour the office."There were about 40 people there and it looked like a complete circus," Keller recalled with a chuckle. "After a while, he said to me, 'You should come to work here!' I was so young, I had no idea what I was getting myself into."The ride has been worthwhile. Keller has led the company through periods of immense growth. Priceline, which today has roughly 1,500 employees, is part of Booking Holdings, the travel juggernaut that also owns Kayak and OpenTable, among others, and last year earned more than $17 billion in revenue. Keller has also helped steer the company through many challenges, including the dot-com bust, the Great Recession, and most recently, the pandemic. Insider spoke with Keller recently via video where he talked about the leadership lessons he learned during Priceline's startup days, the rise of artificial intelligence in the workplace, and why he thinks the era of pandemic-fueled revenge travel will never go away.This interview was condensed and edited for clarity.What were your early impressions of Priceline?The founder of Priceline, Jay Walker, wanted to create a business that represented the future of commerce. In the early days, we had a bizarre product lineup. We sold flights, car rentals, and hotel rooms, and also insurance, gasoline, and used goods. Obviously, we migrated from that original vision to something very different. But the roots have stayed, and the things I learned in those first few years shaped how I lead. I look back on that time fondly, even though it was a frenetic pace. What was it like at Priceline after the terrorist attacks of  9/11? I became the chief marketing officer in early 2002. We were a few days away from going bankrupt because all the funding dried up for the business. The CEO who took over, my then-boss, was tasked with saving the company. We went through four rounds of layoffs that year and shut down all our non-travel businesses. We said travel is where our model works, and where we can generate profit. That was the start of what Priceline became: a very large, scaled travel-services business. That sounds like it was a painful process, but one that ultimately had a positive outcome for the company.Brett KellerPricelineScaling and growing a business year after year takes focus, discipline, and complete transparency. I didn't get those things in other jobs early in my career and I saw how that impacted employees. You didn't know what leaders were thinking or what was happening. One day you'd show up to work and they'd say, "Pack a box, you're out of here."What do you do differently?I want our people to know literally everything about our business. We share information about sales and profitability so employees can see how those things tie directly to their compensation. I also hold a lot of skip-level sessions with teams. They can ask me anything they want. And I'll genuinely give them answers to help them understand the course of the business. But sometimes you don't always know the answers yourself, right? When the pandemic first hit, for example, there was so much uncertainty.When COVID hit, I held daily all-hands updates. I talked about what was happening within the organization, what I knew, and what I didn't know. I said, "I've been in the industry a long time. I've seen other very big shocks to the system — 9/11, the financial crisis, and volcanoes in Europe — and every time travel rebounds." My first message was, "We're going to be OK, but it may take a while."My second message was that we're going to take advantage of every opportunity to grow the business in a very challenging period. Many of our competitors pulled out of all of the marketing channels in the early months of COVID. We pushed in, which put us in a position where we could be more aggressiveWhat are some other leadership lessons you learned early on?For the first few years of my career, I used to look at the whole idea of having a mission and a purpose with an air of, "Whatever. We're here to work." But I have come to learn how important that is. When I took over as CEO, the first thing we did as a leadership team was to construct our mission, which is to be the world's best travel dealmakers. Every two weeks, I get up in front of our employees, and talk about how the mission ties into what different folks in the company are doing.How do you describe the culture of your company?When I ask our people, "Why do you work here" there are a couple of answers that come through. One, they say, "I believe that the company is trying to do the right thing at all times." We have a high bar of ethics. Two, we don't tolerate jerk behavior. If you're a jerk, we'll show the door. When it comes to ethics, your business and industry are in a tough spot. For as much as travel broadens horizons and can help cultivate empathy, it also does a lot of harm to our environment. How do you wrestle with these challenges?It's something we think about every day. Travel creates consumption that's harmful to the world. But if we didn't do it, what does the world look like? During COVID, we saw that it's not a very nice place when people never leave their homes or towns, and are so focused on themselves that they become less compassionate toward others. We have to keep pushing the travel world in the right direction while continuing to promote travel as much as we can. How are you doing that?Brett KellerPricelineWe've created a travel-sustainability rating system. We have tiers of accommodations that providers can apply for and reach, which we then promote on our website with a sustainability badge. We think providing information to consumers allows them to make choices. How do you view the rise of AI? Do you think it could lead to a reduction in your workforce? I've been through years where you look to cut people and cut expenses and guess what happens to your company? It shrinks. If you want to grow, which is what every public company tries to do, you've got to be innovative. You have to deploy new products, new features, and better consumer experiences. What's super exciting to me is that AI should empower and drive more innovation within the company, as opposed to cutting it back. We want every person in the company to find a way to deploy AI within their respective roles. The way we look at it is: "Wow, if our coders were to use these new AI tools that help them code more effectively and efficiently, we could do three times the productivity with our product releases."Spending on trips shows no sign of slowing. What's your take on future demand amid this uncertain economy?We've all reminded ourselves how amazing it is to travel. When you finally take that trip, you want to immediately do it again the following week. And yes, the economy's very uncertain. But I promise you, travel will continue to grow for the next 10 years. It just will: It always outpaces the GDP of every country because travel is what people want to do. So the era of revenge travel is not going away?A lot of people think that travel is just about taking a great vacation. But most of travel is about life: You're going to your kids' sports game and you got to travel across the state, so you need a hotel. You need to book flights to visit family that you haven't seen in five years. You're traveling to your friend's bachelorette party or wedding. These types of travel are intricate in our lives. It's what people are prioritizing now. Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 25 min. ago Related News

A farmer who lives near Elon Musk"s Texas campus says the state"s lack of regulations means it"s like the "Wild West" for developers

The Boring Company and SpaceX are facing criticism over their plans to dump treated wastewater in the Colorado River from their sites near Austin. Connett harvests potatoes on his organic farm, Green Gate Farms, in Bastrop, Texas.Matthew Busch for The Washington Post via Getty Images Texas' is a "Wild West" for developers like Elon Musk's Boring Company, a farmer told The WaPo. The Boring Company and SpaceX both have built sites in Bastrop, a rural area near Austin. They're facing criticism over their plans to dump treated wastewater in the Colorado River. A farmer who lives near Elon Musk's Texas campus around 30 miles east of Austin says that the boom in development in the area means it's like "the Wild West."Harold "Skip" Connett, an organic farmer in Bastrop, a rural area, told The Washington Post that industrial developments in the area were increasing truck traffic and pollution."Between Elon Musk coming in here and all the sand and gravel mines ... suddenly this bucolic, pastoral prime farmland is now more than a thousand acres of an industrial site," Connett told the outlet. "There's no zoning, there are no rules. It's the Wild West."A Bastrop County commissioner told The Post that the growth in development was "more than this county was ready to handle," but that it was allowed under the state's property rights."This is Texas," the commissioner said. "If you own the property and you stay within the state laws, you can pretty much do what you want."The Boring Company, Musk's construction company — which builds tunnels under cities to help alleviate traffic congestion — began work on its Bastrop facility in 2021. SpaceX, his aerospace company, has started building a site there, too. The Boring Company has filed plans to build 110 homes nearby and Musk reportedly hopes to build his own town for staff called Snailbrook, too.The Boring Company is facing criticism from local residents over its plans to treat its own wastewater and then dump it in the Colorado River. It applied for a permit last year to discharge 142,500 gallons in the river per day.Rajiv Patel, an environmental consultant who represented Musk's companies at a public meeting on the issue last week, said that it was a short-term solution, "and ultimately we hope to not even utilize the full capacity of what's being authorized."The Boring Company and SpaceX do plan to eventually get a line to the municipal wastewater system, but it would take around two years to build the connection, he said, per The Wall Street Journal.Patel said that the wastewater would come from restrooms, break rooms, a bistro, residences already on the property, and water jet cutters linked to both Boring Company and SpaceX facilities, per The Journal.An aerial view of the Snailbrook community under construction on March 13, 2023 in Bastrop County, Texas.Brandon Bell/Getty ImagesConnett said at the public meeting, per The Journal, that developments such as the Boring and SpaceX properties had transformed a "beautiful agritourism recreational center into an industrial site. And it was never meant to be that."Officials from the Texas Commission on Environmental Quality said at the public meeting that their analysis showed the proposed discharge plan would have minimal impact, per The Journal.At the public meeting, however, some local residents did show support for the boost to Bastrop's economy that Musk's investments would bring."I love Elon, and we need more industry here," a local real-estate agent told The Post. "I just don't want him to dump his poop in the river."Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 25 min. ago Related News

Nvidia is the clear winner in the AI race. Its stock isn"t the only reason why.

Insider's Phil Rosen explains how Nvidia has been able to dominate the chip sector and why it's the best bet in AI right now. Good morning, Phil Rosen here, writing to you from New York. Last week I asked you all a question in the newsletter — Do you own Nvidia stock? — and many of you told me that you've held shares for years and it's paid generously. One of you even told me you first bought the stock when Nvidia was $16(!) per share more than 20 years ago. It's just under $400 today. That's some serious foresight, my friend! So far in 2023, the stock is up 165%. Today we're breaking down what's behind that surge.If this was forwarded to you, sign up here. Download Insider's app hereA screenshot from Nvidia's (NVDA) website highlights DLSS, or Deep Learning Super Sampling, backed by its GEForce RTX technology.Nvidia1. Nvidia is the clear winner in the AI arms race so far. It's the company that appears best positioned to dominate the burgeoning sector, my colleague Matt Fox writes, and more and more investors continue to wake up to the potential of artificial intelligence.Its 25% spike on Thursday is evidence enough that there's a lot riding on the hype — it added nearly $200 billion to its market cap that day after reporting stellar guidance for its GPU chips.Baird strategist Ted Mortonson chalks it up really to the foresight of CEO Jensen Huang, calling the Nvidia chief a "true visionary" for predicting the changes in the market and his understanding that software would be key for the future."Jensen understood where the market was going before the market even materialized," Mortonson told Insider, adding that some of the company's tech has pushed the AI sector forward by leaps and bounds.Nvidia effectively provides a one-stop shop for what customers need to drive their AI ambitions. They control their entire ecosystem on both hardware and software, similar to Apple, and Mortonson said that puts them years ahead of competitors.CFRA analyst Angelo Zino echoed that, pointing out that the company commands almost the entire GPU market within the data center space. "GPUs are going to be enormous, not only in gaming and data centers, which is essentially the bulk of their revenue today, but autonomous cars and other capabilities over time," Zino said. "How they work with these enterprise companies is invaluable and a big reason why we do think that they're likely going to sustain a market share position north of 90% in the foreseeable future."What's your stock outlook for Nvidia? Tweet me (@philrosenn) or email me ( to let me know.In other news:CFOTO/Future Publishing via Getty Images2. US stock futures rise early Tuesday, after the Biden administration and Republican lawmakers reached a tentative deal on raising the US debt ceiling.  Check out the latest market moves.3. Earnings on deck: AMERCO, HP, and more, all reporting.4. A 30-year fund manager with $1 billion in assets under management shared the AI companies he's most excited about. Gregg Fisher warns against investing in stocks just because they have "AI" in their name, and said investors should first key in on how a company is using the technology to optimize growth. Here's his strategy for nailing down stocks in the space that have the potential to grow over the next five years.5. A secretive hedge fund has likely notched a $5 billion gain on Nvidia stock this year. Jennison Associates has almost a 1% stake in the surging company, and that slice has ballooned in value from $3.4 billion to $8.6 billion this year — assuming it hasn't cashed out.6. The credibility of the West's sanctions on Russian oil are at risk if the price cap isn't lowered. At least according to a CREA report that showed a weakening effectiveness of the mechanism, with Moscow's oil export revenue rebounding in March and April. In the think tank's view, countries in the price cap coalition need to "get a grip."7. The US's steep borrowing is a threat to the dollar. Promises to cut spending will likely be "negated and forgotten," Jim Grant said, and that's weighed on demand for dollar-denominated Treasury bonds. Full details.8. Famed economist David Rosenberg said home prices are still set to fall further. Buyers are retreating to the sidelines and a hawkish Fed means mortgage rates are going to stay high, he explained. By his estimate, monthly payments for first-time buyers are up 33% compared to last year.9. Buy these seven small-cap stocks that can crush the market in any economy. That's according to a fund manager who outperformed 99% of his peers last year. See his favorites.Markets Insider10. Marvell Technology followed Nvidia's rally and surged double-digits on Friday. Shares of the company hovered near their biggest single-day spike ever, and the chipmaker credited AI for its upbeat quarterly outlook. Chief executive Matthew Murphy said the company is looking at the "tremendous" potential AI could offer the business.Curated by Phil Rosen in New York. Feedback or tips? Tweet @philrosenn or email by Max Adams (@maxradams) in New York and Hallam Bullock (@hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 25 min. ago Related News

Mohamed El-Erian once again takes aim at the Fed over delay in fighting inflation

Mohamed El-Erian took aim at the Fed over its lateness in fighting inflation and underscored the threat of its credibility being chipped away. Mohamed El-ErianREUTERS/Fred Prouser Mohamed El-Erian once again took aim at the Federal Reserve over its lateness in fighting inflation. The risks associated with the lack of "first best" measures are compounded by instances of confusing communication coming from the Fed, he said. Erosion of the Fed's credibility makes for less effective policy guidance moving forward, he added. Top economist Mohamed El-Erian has once again taken aim at the Federal Reserve over its lateness in fighting inflation and underscored the threat of the institution's credibility being chipped away. In a tweet on Monday, El-Erian flagged risks tied to the Fed not making the "first best" measure in handling the US economy, coupled with the central bank's instances of "confusing communication" that's eroded the power of its forward policy guidance.El-Erian, who is the chief economic adviser at Allianz, has repeatedly criticized the US central bank for reacting too late to an inflation surge that started in 2021, and then unleashing a series of sharp interest rate hikes last year as consumer prices surged the most in four decades.His tweet was in response to a Reuters article about how the Fed's steadfast pursuit to control inflation by aggressively rising interest rates risks an economic downturn for the US economy.  He pointed to commentary from  Raghuram Rajan, former Indian central bank governor and University of Chicago's Booth finance professor, who told Reuters that the Fed is "a little bit in a situation where they're damned if they do, and damned if they don't." That's because "If they do raise short-term policy rates, clearly, at some point, something more breaks," Rajan said, adding that he thinks there is a slim chance the Fed will be able to maneuver a soft-landing. That's a scenario when economic growth slows but avoids a recession. "This is an illustration of what happens when policymakers fall so far behind in responding to a major challenge(s)," El-Erian tweeted, reiterating that the discord between Fed signals and investors' interest-rate expectations can cause turbulence in the market. The Fed raised interest rates for the 10th time in a row this month – from near-zero last March to upward of 5% in May. While inflation cooled to 4.9% in April from last summer's peak of 9.1%, it still remains way above the Fed's 2% target.El-Erian has previously said that under the leadership of chairman Jerome Powell, the US central bank risks being remembered "as the Fed that undermined its own credibility, its political autonomy, and America's crucial anchoring role at the center of the global economy."In March, El-Erian said he thinks there's no "first best policy response" the Fed can take any more, as "everything would have collateral damage and unintended consequences." Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 25 min. ago Related News

Top economist David Rosenberg shrugs off fears of stubborn US inflation as prices of many things are dropping fast

While top economist David Rosenberg brushed off fears of sticky inflation, he's recently warned a recession has arrived in the US as key stocks have slid. Top economist David Rosenberg.Screenshot via Bloomberg TV Top economist David Rosenberg brushed off fears of sticky US inflation in a recent tweet. "Less sticky than you think, if you actually take the time to look underneath the hood," he said, pointing to recent PCE data.  Rosenberg has repeatedly dismissed inflation as a threat, predicting the rate of price pressure could fall below 2% by year end.  Top economist David Rosenberg shrugged off fears of stubborn US inflation, flagging that prices of many things are dropping fast. "Today's 'hot' PCE deflator came down to just three sectors: housing, used cars and financial services. The rest of the index actually came in below +0.2% MoM. Less sticky than you think, if you actually take the time to look underneath the hood," the Rosenberg Research chief said in a recent tweet. Core US PCE data was released Friday, rising above expectations at 0.4% month-on-month. While housing, transport and financial services contributed to the increase, which led to inflation looking worse than expected, Rosenberg pointed out that the cost of many other things fell in price, including recreation goods, new autos and delivery services. "Almost two-thirds of that PCE deflator actually came in at +0.1%! The most cyclical segments deflated: Recreation goods, new autos, home improvement, delivery services, air fares, rail transport, car rental, hotels, appliances, and furniture. And I won't back down …" Rosenberg said. Rosenberg has repeatedly brushed off inflation as a threat since late last year. He has previously argued that the upward pressure on consumer goods costs has dwindled – and predicted inflation could drop to below 2% by the end of 2023.Inflation has undoubtedly cooled from their mid-2022 highs above 9%, thanks to the Federal Reserve's interest-rate hike regime over the past year. The US central bank has raised benchmark rates above 5%, and that's helped bring inflation down to 4.9% as of April's latest reading. But unlike Rosenberg, market experts have warned inflation is likely to remain sticky, including Goldman Sachs CEO David Solomon. In some of Rosenberg's most recent commentary, he has been more bearish about the US economy. The veteran economist recently said a recession has arrived in the US, but nobody's noticed, with the S&P 500 giving away the worrisome sign. Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 25 min. ago Related News

How Washington"s outdoor economy became a billion-dollar business

The peak camping season in Washington state runs from Memorial Day to Labor Day and summer weekends are largely booked out well in advance......»»

Category: topSource: bizjournals7 hr. 9 min. ago Related News

McCarthy and Biden"s debt-ceiling deal could hurt student-loan borrowers and people on food stamps — and cost some Americans their jobs

After months of stalemate, Biden and McCarthy finally reached a debt-ceiling deal. It needs to be signed into law before a default on June 5. Kevin McCarthy with President Joe Biden at an Oval Office meeting on the debt ceiling on May 22.Saul Loeb/AFP/Getty Images Biden and McCarthy finally reached a deal to raise the debt ceiling on Saturday night. The deal strengthens work requirements on welfare programs and codifies the end of the student-loan payment pause. The agreement needs to be signed into law before the US defaults as early as June 5. An agreement to raise the debt ceiling between House Speaker Kevin McCarthy and the White House will end the pause on student loan payments, make it more difficult for some low-income Americans to obtain food stamps, and reduce government spending by billions in the coming years. On Saturday night, McCarthy and President Joe Biden finally reached a deal to raise the debt ceiling before the country is set to hurdle toward a default as early as June 5. This agreement came after months of stalemate due to both parties at odds over the best approach to raise the debt ceiling — Biden wanted the eventual deal to be a clean increase, without any spending cuts attached, while McCarthy refused to stave off a default without spending cuts on many Democratic priorities.The deal the two sides reached required compromise — a New York Times analysis estimated the deal would cut spending by $136 billion through fiscal year 2025. This is a notable reduction from McCarthy's initial $4.5 trillion spending cut proposal, and it includes new work requirements on government programs, along with codifying the end of student-loan payment pause. The pause is currently set to expire 60 days after June 30 or 60 days after the Supreme Court issues a final decision on the legality of Biden's broad student-debt relief plan, whichever happens first.The deal also alters Supplemental Nutrition Assistance Program work requirements for those between 18-54 who do no not have children and are able to work. In order to receive SNAP, these adults must work or be enrolled in job training for at least 80 hours a month. However, the deal also helps expand access to this program for other vulnerable groups, like veterans and unhoused people, according to the Times.Although the agreement in principle means that economically disastrous consequences will be avoided, Moody's Analytics estimate that the cuts in spending could lead to a reduction in employment by 120,000 jobs by the end of 2024. The financial intelligence agency added that the new work requirements for income support programs could additionally result in tens of thousands of lost jobs. "Not the greatest timing for fiscal restraint as the economy is fragile and recession risks are high," Mark Zandi, who runs the Moody's Analytics Econ Twitter account, wrote on Friday.—MoodysAnalytics ECON (@economics_ma) May 26, 2023 Zandi noted, however, that the changes would be "manageable." And while the deal is a blow to some everyday Americans relying on government programs, experts who spoke with the Times agreed.Unlike in 2011, when a similar deal was struck between then-President Barack Obama and former Speaker John Boehner to cut down trillions in government spending over a decade, economists say the deal is not aggressive enough to completely tank the economy — even as it currently stands.Jason Furman, a Harvard economist, told the Times that while the 2011 debt deal resulted in stagnant economic growth for a country recovering from the 2008 recession, the cuts in government spending could help control interest rates, which have been rising in response to skyrocketing inflation."The economy still needs cooling off, and this takes the pressure off interest rates in accomplishing that cooling off," Furman told the Times.Now, Congress needs to act quickly to get this legislation signed into law before the government runs out of money to pay its bills. This signals a consequential week ahead for lawmakers — especially as some Democrats and Republicans are not thrilled with the compromise that resulted in the final agreement. Still, it's vital a bill to raise the debt ceiling gets signed into law because a default could mean a recessions — and millions more jobs lost as a result. Read the original article on Business Insider.....»»

Category: topSource: businessinsider12 hr. 25 min. ago Related News

Liberal US Cities Top Global List For Highest Homelessness Problem

Liberal US Cities Top Global List For Highest Homelessness Problem Insider Monkey, a finance website, revealed a list of the top 30 cities worldwide with the highest homeless population. Notably, a handful of the US cities on the list are governed by progressive leadership, which may not surprise readers. While it is evident that some unfortunate individuals are facing homelessness, a trend exacerbated by recent inflationary pressures and a drug addiction crisis, some liberal policies have enabled others to sustain their nomadic lifestyles with taxpayer funds.  Insider Monkey found New York City is number 5 on the list, with a homeless population of about 69,000. Next is Chicago, at number 7 with 65,611. Washington, DC, is number 8 with 57,416, Los Angeles number 13 with 41,980, and San Fransisco number 14 with 38,000.  Even with the US government spending $54 billion on several programs to tackle the homelessness crisis, hundreds of thousands of Americans are still wandering the streets. This has been made worse by inflation in recent years and an out-of-control drug addiction crisis.  As for the rest of the world, Manila, Philippines, ranks number 1 with a staggering 3 million homeless. Buenos Aires, Argentina, is number 2 with 198,000. Moscow, Russia, is number 3 with 100,000, and Kanpur, India, is number 4 with 81,000. Here's the partial list of 6 through 30: 6. Kolkata, India Estimated Number of Homeless People: 68,798 Kolkata is one of India's largest cities. It has played a crucial role in the country's history due to its port. 7. Chicago, United States Estimated Number of Homeless People: 65,611 Chicago is one of the largest cities in the U.S. in terms of population and one of the largest business hubs in the country. 8. Washington, D.C., United States Estimated Number of Homeless People: 57,416 Washington D.C. is one of the most expensive places to live in America - making it unsurprising that it also has a high number of homeless people. 9. Mumbai, India Estimated Number of Homeless People: 57,415 Mumbai is India's financial hub, but it is also famous for generations of homeless who are born and die on the streets. 10. Lagos, Nigeria Estimated Number of Homeless People: 50,000 Lagos is one of the largest cities in the world with more than 24 million people living in the city. 11. Damascus, Syria Estimated Number of Homeless People: 50,000 Damascus is the capital of Syria and one of the oldest cities in the world as it has been inhabited for thousands of years. 12. Delhi, India Estimated Number of Homeless People: 46,724 Delhi has more than ten million residents and is one of the most historic cities in the world. 13. Los Angeles, United States Estimated Number of Homeless People: 41,980 Los Angeles is the second largest city in America in terms of population. It is a cultural center place for its state and the U.S. 14. San Francisco, United States Estimated Number of Homeless People: 38,000 San Francisco is a cultural and economic hub and a city that is notorious for high housing costs. 15. Surat, India Estimated Number of Homeless People: 36,144 Surat is a Western Indian city in the state of Gujrat. It is the second largest city in its state and a hub for the global diamond industry. 16. Sao Paulo, Brazil Estimated Number of Homeless People: 31,884 Sao Paulo is the largest city in Brazil in terms of both its population and economic output. 17. Mexico City, Mexico Estimated Number of Homeless People: 30,000 Mexico City is the capital of Mexico. It is one of the largest cities in the world with a population of 9.2 million people. 18. Athens, Greece Estimated Number of Homeless People: 20,000 Athens is one of the most historical cities in the world and the capital of Greece. 19. Auckland, New Zealand Estimated Number of Homeless People: 18,417 Auckland is the largest city in New Zealand and has a population of 1.4 million people. It is an economic hub in its country and accounts for a large portion of New Zealand's economic output. 20. Tampa, United States Estimated Number of Homeless People: 16,000 Tampa is a coastal Floridian city with one of the biggest ports in its state. 21. Seattle, United States Estimated Number of Homeless People: 11,751 Seattle is a highly developed city in the U.S. state of Washington. 22. San Jose, United States Estimated Number of Homeless People: 10,028 San Jose is an economic hub in the U.S. with a large presence of the technology industry. 23. Budapest, Hungary Estimated Number of Homeless People: 10,000 Budapest is the capital and largest city of Hungary with nearly a million residents. 24. Oakland, United States Estimated Number of Homeless People: 9,747 Oakland is a Californian city. It is one of the busiest port cities in America. 25. Dublin, Ireland Estimated Number of Homeless People: 8,523 Dublin is the capital of Ireland and the largest city in terms of population. It is also a hub for global multinational firms. 26. San Diego, United States Estimated Number of Homeless People: 8,427 San Diego is one of the most populous cities in America with a population of more than a million people 27. Rio De Janeiro, Brazil Estimated Number of Homeless People: 7,865 Rio De Janeiro is the second largest city in Brazil. It also has the second largest economy in the country. 28. Rome, Italy Estimated Number of Homeless People: 7,709 Rome is the capital city of Italy and one of the largest cities in the world with a population of more than 2.8 million people. 29. Denver, United States Estimated Number of Homeless People: 6,888 Denver is the capital city of the U.S. state of Colorado. It has a population of more than seven hundred thousand people and is an economic hub in its state. 30. Lisbon, Portugal Estimated Number of Homeless People: 3,780 Lisbon is the capital city of Portugal. It is also the largest city in the country, with more than half a million people living in its boundaries. Tyler Durden Mon, 05/29/2023 - 16:35.....»»

Category: personnelSource: nyt17 hr. 53 min. ago Related News

China"s first-ever large homegrown airliner has finally made its inaugural flight — meet the Comac C919

China hopes the C919 plane will help the country become less reliant on foreign-made technology and advance its aircraft manufacturing industry. China Eastern Airlines flew the first COMAC C919 flight on Friday, flying from Shanghai to Beijing with about 130 passengers onboard.Xinhua/Ding Ting, COMAC China's first homegrown mainline aircraft flew from Shanghai to Beijing on Sunday. The narrowbody plane has had a long production due to technical issues and shipping delays. China hopes the C919 will make it less reliant on foreign-made technology like Boeing and Airbus. After 15 years of production, China's first homegrown mainline commercial jet flew for the first time on Sunday.China's homegrown C919 passenger jet departs Shanghai Hongqiao International Airport for Beijing Capital International Airport during its maiden commercial flight on May 28, 2023 in Shanghai, China.Yin Liqin/China News Service/VCG via Getty ImagesSource: ReutersThe C919 is a narrowbody passenger plane made by state-owned aerospace manufacturer Commercial Aircraft Corporation of China (Comac).The China Eastern C919 getting a water salute for the inaugural ion Beijing.Wang Yang/Xinhua, COMACSource: InsiderThe flight was operated by China Eastern Airlines from Shanghai to Beijing carrying nearly 130 passengers, according to a COMAC press release.People take photos as China's homegrown C919 passenger jet lands at Beijing Capital International Airport during its maiden commercial flight on May 28, 2023 in Beijing, China.Han Haidan/China News Service/VCG via Getty ImagesSource: COMACThe China Eastern plane is fit with eight business class seats and 156 economy seats, with the inflight interiors and entertainment system being custom-designed, per the planemaker.Onboard the inaugural C919 flight.Xinhua/Ding Ting, COMACSource: COMACTo celebrate the historic event, passengers were given red boarding passes and served a "themed" meal onboard, including a dessert that had the airline's logo.A flight attendant distributes bottles of water to passengers during the first commercial flight of China's first domestically produced passenger jet C919 from Shanghai to Beijing on May 28, 2023.STR/AFP via Getty ImagesSource: CCTVIn addition to the inaugural route, the carrier also plans to fly the 164-seater aircraft to cities like Guangzhou, Chengdu, and Xiamen, Reuters reported.Passengers check in to first COMAC C919 flight.Xinhua/Ding Ting, COMAC.Source: ReutersChina Eastern has five C919s on order, with the other four scheduled to be delivered over the next two years, though the airline initially planned to receive them all in 2023.Comac C919.Shi Yuge/VCG via Getty ImagesSource: ReutersThe inaugural flight comes after the C919 shared the skies with rival western plane makers Airbus and Boeing during its public debut at China's Zhuhai Airshow in November.Boeing MAX jets at Boeing's facility in Washington state.Taylor Rains/InsiderSource: ReutersDue to the country's strict zero-COVID restrictions, the non-passenger flight had a smaller audience, representing the overall slow return of both China's domestic and international aviation markets, Reuters reported......»»

Category: topSource: businessinsider18 hr. 37 min. ago Related News

A European startup airline said it bought an Airbus A380 to fly across the Atlantic starting next year despite other carriers ditching the jet due to high costs

Global Airlines was founded in July 2021 by travel guru James Asquith, who is also the youngest person to visit every country in the world. Global Airlines purchased an Airbus A380 from German investment first Doric Aviation.Global Airlines European startup carrier Global Airlines has purchased its first plane — the Airbus A380 superjumbo. The carrier plans to equip the plane with "approximately" 471 seats and fly between the US and UK. The plan differs from many other carriers that have been actively retiring the A380 due to high costs. A little-known startup carrier called Global Airlines has bought its first plane — the mammoth Airbus A380.The carrier announced the purchase on Monday, revealing the jet was acquired from German investment firm Doric Aviation. According to Doric, it has 14 A380s in its roster — 13 of which are flying with Emirates and one that is currently being remarketed, meaning it is going to a new operator."Contrary to popular belief, the A380 is widely recognised as the best way to fly, offering unparalleled comfort and features that lead to a unique travel experience," the firm said.While it is more common for new carriers to lease jets at the start of business, Global noted that this was a full purchase."Acquiring our aircraft rather than leasing showcases our commitment to financial security and resilience from day one," Global Airlines CEO and founder James Asquith said in a press release.Asquith is known as the youngest person to ever travel to every sovereign country on the planet and runs the house-swap platform Holiday Swap.With Holiday Swap as the parent company, Asquith's aviation venture started in July 2021 and has earned "significant backing from investors."His plan is to acquire three more A380s "in the coming months" and fly them between the UK and the US starting next spring. The airline has also talked about introducing a "gamer cabin" onboard, but it is not clear if that will ever come to fruition.While the purchase price for the jet — which will be fit with approximately 471 seats across economy, business, and first class — has not been disclosed, Global said it is "understood to be in the eight-figure range.""The purchase of our first aircraft demonstrates that we are well on the way to launching Global," Asquith said. "The next step is to overhaul and refit the aircraft to our high specification, providing our customers with the best experience in the sky today."The idea of used the double-decker plane over more efficient jets like the Boeing 787 is because Global believes the A380 is "the world's most comfortable aircraft" and will be the best option for passengers on long-haul flights."Combining the most advanced aviation technology and an inspired cabin design, it is celebrated for its outstanding quality in every aspect," the company said on its website. "Leading the industry in standards for innovation, experience and efficiency, it is adored by passengers, pilots and crew alike."However, this is not the same sentiment many other carriers have had over the years, especially during the pandemic.With the plane's four engines and immense size, carriers like Air France, Thai Airways, and Malaysia Airways have retired the jet due to its high operating costs. Production of the jet also ended in 2021 due to the lower-than-expected order rate, with Emirates being the only carrier to truly invest in the plane with over 120 purchased. A few other carriers like Singapore Airlines and Lufthansa have also continued flying the A380 post-pandemic."In the end, you have to face facts, and we could see that we were building A380s faster than people were ordering them," Airbus head of business analysis and market forecast Bob Lange said in 2019.Read the original article on Business Insider.....»»

Category: topSource: businessinsider18 hr. 37 min. ago Related News

In This “Age of Funemployment,” Is a Recession Possible?

For weekend reading, Gary Alexander, senior writer at Navellier & Associates, offers the following commentary: Come mothers and fathers throughout ... Read more For weekend reading, Gary Alexander, senior writer at Navellier & Associates, offers the following commentary: Come mothers and fathers throughout the land And don’t criticize what you can’t understand Your sons and your daughters are beyond your command Your old road is rapidly aging… For the times they are a-changing – Bob Dylan, 1963 Bob Dylan turned 82 this week, and I guess he’s a little old fashioned now, too, since he recorded an album of Sinatra standards in 2015 (“Shadows in the Night”) and a Christmas carols album in 2009. The times are changing in the employment market, too. Work has almost become a four-letter word… Suzy Welch, 62, a Baby Boomer professor of management practice at NYU’s Stern School of Business and co-author with her late husband Jack of several best-selling business books, wrote a fascinating Op-Ed column in The Wall Street Journal last week (“For Gen Z, Unemployment Can Be a Blast, May 18, 2023). She introduced her latest batch of “bright and shiny young MBA students” who spoke of their lazy, hazy plans after graduation: “I’ll work when I work. Until then, I’ll just do some funemployment.” Ms. Welch said she “literally screamed in class” the first time she heard that word, shouting, “What, what, what? Are you literally saying ‘funemployment’ – like unemployment can be fun?”  The class then “burst into laughter.” Yes, of course that’s what they meant, but they were trying to keep that word secret from the older generation of up-tight Baby Boom professors, since those draft-dodging, dope-smoking hippies of the Vietnam era had now become like their parents – and their students didn’t trust anyone over 30! For those young ones who still want to work, the older employers must also watch their step, since the old hierarchical order at work is mostly dead, if not buried. In his new book, “Generation Why” (released this month), Dr. Karl Moore of Montreal’s McGill University speaks of the new workplace rules, which sound like no rules – a dangerous minefield for managers. In his introduction, Moore makes three points. There are three basic changes from our (Boomer) management era: (1) Transparency over secrecy: Young workers can discover all your faults, errors, and past mistakes by surfing the Internet, so transparency is king; (2) Credentials no longer matter as much; an MBA is the old BA, but experience trumps degrees, so all that massive college debt may be wasted; and (3) Introverts and quieter thinkers can now lead, not just those bombastic extroverts. By Moore’s measures, 30% to 35% of C-suite leaders are now introverts. * *To clarify terms, “C-suite” refers to anyone with “Chief” in the title, like Chief Executive Officer, Chief Operating/Chief Financial, or Chief Managing Officer. Also, here are the generally accepted birth cohorts: Moore has a CEO Insights course at McGill for MBAs. He also takes 30 students each year to some of the fastest growing global economies to see how they do it. He calls it the “Hot Cities of the World Tour.” They just returned from Ghana and Ivory Coast this March. In these 12-day tours, he also has a chance to dine and talk with these 30 students (Millennials and now Gen Z kids) to probe their views. As cohorts in two colleges in Southern California in the 1970s, Moore and I emailed over this, and he told me these tours are promoted as “Taking the Future to the Future,” meaning future business leaders go to where the world is growing fastest. Some of his previous trips were to Israel, the UAE, India, and South Africa. In his study of young workers for this book, Moore conducted over 800 interviews with under-35 workers (and shirkers) in Canada, the U.S., Japan, and all over Europe, as well as over 750 C-suite executives. Previous to his academic career, Moore also spent 11 years working in high tech firms, so he has the advantage of being a capitalist believer and doer, not just a business critic, as is so common in academia. In the U.S., Moore writes, over one third of workers are Millennials (age 27-42), recently surpassing Gen X as the largest component of our workforce. Globally, there are 1.8 billion Millennials, about a quarter of the world, and 86% of Millennials come from developing economies, which may determine who rules the Century. Put bluntly, will the hardest workers of the world surpass our new funemployment cohort? How Can We Have A Recession With So Many Job Openings? A classic warning sign of a recession ahead is an inverted yield curve, which we have endured for nearly a year now without a recession. The yield curve inverted before the last four real recessions, in 1982, 1990, 2000, and 2008. Even with the artificial 2020 recession, caused by a forced COVID-19 lockdown, the yield curve was neutral before that recession. Today, we have the most inverted yield curve since the double-dip recessions of 1979-82, yet we still stubbornly grow our GDP each quarter since mid-2022. It’s hard (some say impossible) to have a recession with the unemployment rate at a record low, jobs continuing to expand at a solid pace, nearly 10 million jobs going begging and wages usually outpacing prices, resulting in real wage gains. Everywhere you look, you’re likely to see “HELP NEEDED” signs. Jobs are opening even faster: The percentage of all U.S. business owners reporting job openings that they cannot fill rose by 2 points to 45% in April — maybe because “funemployment” is still widely preferable? The labor force participation rate remained at 62.6% in April, below the pre-pandemic reading of 63.3% in February 2020, but that rate itself was historically low. It was over 64% from 1984 to 2012, peaking in 2001, when I argue (in recent columns) that we moved from a Growth economy to a Debt economy. Funemployment Comes Home to Roost To close on a personal note, I’ve worked every month since April 1962, age 16, first on a paper route by car, then as a night janitor to work my way through college. I commuted to work at a desk job for nearly 40 years before moving to my late parents’ home in the San Juan Islands of Washington State to work online as an editor. I tried to match the work ethic of my parents, who worked in the Great Depression. This week marks the date when two of our five grown grandchildren arrive to live with us for the next few months, and maybe longer, as part of their funemployment option. It’s a grandparents’ dream come true, having these wonderful young ones around us – and a great help in our old age, a win-win situation. One says, “I don’t want to sit in an office from 9 to 5 each day.” I responded, “Neither did I, nor probably 90% of those who did it, but we felt we had to.” These kids already have online and “gig” jobs, not office jobs. I know I’m old-fashioned about work, but (with Karl Moore) I’m learning from the youth, and I know that both of these two fine youngsters will find fulfilling jobs and careers after living with us, with the caveat that retail jobs, construction, and even janitor work aren’t careers, but training ground for showing up on time, respecting rules, learning manners, and serving customer needs. They’ll find their best work. It’s a brave new world for old fogies. But it’s comforting to know these kids will soon be old fogies, too......»»

Category: blogSource: valuewalk20 hr. 37 min. ago Related News

Debt Ceiling Crisis Has Already Hit US Economic Credibility, Reform Needed

The US economy and the nation’s credibility have already been damaged by the debt ceiling crisis even if a deal ... Read more The US economy and the nation’s credibility have already been damaged by the debt ceiling crisis even if a deal is struck next week, and “reform is now urgently required”, affirms the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations. Agreement To Raise The Debt Ceiling To Be Reached On Tuesday Nigel Green of deVere is speaking out following reports that Republican and White House officials are edging closer to an agreement to raise the debt limit and cap federal spending for two years. He comments: “Tuesday is being reported as the likely day for a House vote on raising the US debt ceiling.  “Although this is not definite, and it might come right down to the wire and happen just hours before Treasury Secretary Janet Yellen says her department could run out of money.” Regardless of whether a deal is done, and a default is avoided, which is the hope, the “US economy and the nation’s credibility have already been damaged,” says Nigel Green. “This is evidenced by Fitch, a credit rating agency, late Wednesday putting the US government’s AAA debt rating on ‘negative watch’ as a result of the political brinkmanship between the White House and Congress over raising the debt ceiling.” He continues: “Using the country’s debt as a political weapon, undermines confidence of investors in the US government amid concerns about the government’s ability to properly manage its finances.  “This loss of confidence will mean that it becomes more difficult for the US government to borrow money in the future, which could lead to higher interest rates and weaker economic growth. “The debt ceiling drama also erodes some of the current global reserve currency’s credibility and reputation as a ‘safety asset’, which could have far-reaching repercussions for the US.” The Ultimate Gift For China The deVere CEO also recently argued that the debt ceiling crisis was the “ultimate gift” for America’s major geopolitical rival, China, which is seeking to promote the internationalisation of its own currency and to position itself as a more stable and attractive investment option, in order to attract more international investment and capital inflows. “Whatever happens in debt ceiling talks this week between Democrats and Republicans, China’s massive PR machine is already spinning the narrative that the US is a declining power,” he noted. With talks on a knife edge to contain this crisis, Nigel Green says that should this current situation be resolved, reform is “urgently required.” He says: “I’m in favour of debt ceiling reforms that take away the threat of a US government default and all the implications of that, and reforms that make lawmakers in Washington truly accountable by automatically triggering spending cuts should the ceiling be reached.” The deVere CEO and founder concludes: “We hope and expect a deal to be done to avoid a default. But it should never have got to this stage in the first place, as damage has already been done to US economic credibility. “This must serve as a catalyst for reform.” .....»»

Category: blogSource: valuewalk20 hr. 37 min. ago Related News

Rabobank: Will The Debt Deal Pass Smoothly Or Will Congress Spoil It In The Last Minute?

Rabobank: Will The Debt Deal Pass Smoothly Or Will Congress Spoil It In The Last Minute? By Benjamin Picton, Senior Macro Strategist at Rabobank Market comments So, a debt deal is done, and now all that remains is for it to be articulated in a bill that can pass through Congress and be signed off by the President. This is by no means a fait accompli, but there should be sufficient support from both Republicans and Democrats to get it over the line before Janet Yellen’s revised X-date of next Monday. Early reports over the weekend suggest that a bill will come before Congress on Wednesday, with the hope of a speedy passage through both the House and Senate. Neither side is happy with the terms of the agreement, which probably suggests that it strikes the right balance. The debt ceiling will be suspended for two years, which is just long enough to see Biden through to the other side of the 2024 presidential election. Republicans have extracted spending concessions from Biden that limit growth in non-essential spending to 0% in fiscal 2024 and just 1% in fiscal 2025. That represents a real-terms cut, but wasn’t enough for some of the fiscal hawks in the Republican Party who have pointed out that given that the national debt will hit $35 trillion in 2025 under this deal. Likewise, progressive Democrats are upset that Biden has agreed to any spending cuts at all. If the deficit had to be reduced, those members favored tax increases as the means to do it. Despite the Sturm und Drang it looks like the debt can has been kicked down the road once again and that financial repression remains the only real debt reduction strategy that has any prospect of actually working. Of course, this would require some help from our friends at the Fed. The flow of data on Friday threw up some new challenges for the Fed’s thinking on the future path of the Fed Funds rate. The Core PCE deflator for April came in hot at 0.4% m-o-m vs expectations of 0.3%, and a prior read of just 0.1%. Likewise, personal spending in April lifted by twice as much as expected: up by 0.8%. That’s particularly striking given that personal income only rose by 0.4% in the month, and growth in spending was flat in the month prior. St Louis Fed data shows that average revolving credit balances have grown from the fourth quarter to the first quarter for the last two years, which represents one of the strongest gains we have seen since the mid-2000s. So, reading between the lines, it appears that Americans are spending more, but they are using credit to do it. That sounds an awful lot like Congress (until now, at least), and must weigh on the thinking of the Fed, whose primary tool for slowing the economy is to make that big stock of credit more expensive. On that subject, the Cleveland Fed’s Loretta Mester suggested that a June rate hike was still a possibility, while noting that “progress on inflation is slow, concerning” and that it would be a mistake for the Fed to under-tighten and allow inflation to persist. She also said that she may revise up her inflation estimate at the June meeting and that she believes the Fed does need to tighten further, even if it doesn’t happen in June. A similarly hawkish Thomas Barkin of the Richmond Fed described labor demand in skilled trades as “crazy hot”, but Susan Collins of the Boston Fed was a little more sanguine. She said that the Fed is at, or near a pause in the hiking cycle, which is a view shared by Rabobank’s Fed expert Philip Marey. The strong run of data over the last few days has seen the traders up their bets on the future path of rates to the extent that a further hike is now fully priced in by July. Elsewhere over the weekend we saw news that Turkish President Erdogan has been successful in his bid for re-election. Erdogan faced a strong challenge from Kemal Kilicdaroglu, but ultimately prevailed in the second round of voting. Erdogan’s victory has seen further pressure on the Turkish Lira, which is down more than 70% against the USD since the start of 2020, and concerns over Turkey’s dwindling foreign exchange reserves. Erdogan has been successful in positioning Turkey as an increasingly important player in geopolitics, especially since the Russian invasion of Ukraine, but opposition parties believed that unorthodox economic policies and very high inflation would be enough to convince voters to elect for a transition in power. Turkey isn’t Robinson Crusoe in experiencing pressure on foreign currency reserves. We have seen similar troubles in Argentina, Sri Lanka, Lebanon and a host of other emerging markets in recent months. The rapid policy tightening and accompanying balance sheet runoff from the Fed is sucking dollar liquidity out of the market, and leaving some of those emerging economies unable to service their debts or pay for their imports. China and Russia have been helpfully stepping into the breach in an attempt to end the United States’ “exorbitant privilege” (and protect themselves from US sanctions), but as my compatriot Michael Every points out, the death of the Dollar-based system is much exaggerated. So, another week of debt-ceiling chicanery beckons, but at least we are nearing the end of it (for now). While the big question around whether or not a deal would be done seems to have been answered, lots of new questions have now fallen out of it: Will the passage of the deal through Congress go smoothly, or will there be last minute spoil attempts? What does the reduced fiscal impulse mean for dollar liquidity and emerging markets? And does the debt deal give the Fed a clear runway for more tightening? I guess we will find out this week. Preview of the Week ahead Monday: The Memorial Day holiday in the United States and Bank Holiday in the UK should see a muted start to the week. Expect debt ceiling coverage to soak up most of the headlines. The one event for the day will be remarks by ECB Governing Council member de Cos. Tuesday: New Zealand building permits for April kick us off. There is no survey estimate for this one, but don’t be surprised if the number looks rubbish. Both the RBNZ and the NZ Government have suggested that housing investment will be under pressure this year as rate hikes and high inflation keep developers on the sidelines. Shortly afterwards we will see employment data for Japan and April building approvals for Australia where survey expectations are for a gain of 2%. Spanish retail sales for April and the preliminary read of Spain’s May CPI will be next up. Surveyed economists are expecting CPI to print at 0.1% m-o-m. Later in the day we will hear from the ECB’s Holzmann, before the Conference Board consumer confidence numbers are released in the United States. The market is looking for a slight dip back below 100. To round out the day we get The Dallas Fed’s manufacturing index, and both Villeroy from the ECB and Barkin from the Fed will be speaking. Wednesday: RBA Governor Philip Lowe is first up on a very busy day. He will be giving testimony before the Senate Economics Legislation Committee. This comes hot on the heels of leaked details of a private briefing where Governor Lowe reportedly told politicians to brace themselves for more rate hikes. Keep an eye out for comments on wages and productivity, as unit labor costs seem to be the chief concern for the RBA recently. Following Lowe, we have Japanese industrial production, as well as Aussie private sector credit and monthly CPI for April. The ANZ consumer confidence index for New Zealand will also be released. The highlight of the Asian session will be China PMIs for May. Here the manufacturing index is seen improving slightly to a still contractionary 49.5, while the services reading recedes slightly to 55.3. In the European session we will see preliminary May CPI data for France, where the y-o-y reading is expected to fall from 5.9% to 5.5%. This will be followed by French PPI and German employment data for May (unemployment expected to remain steady at 5.6%), before we see Italian CPI (7.5% y-o-y) German CPI (6.4% y-o-y) and the release of the ECB’s Financial Stability Review. In the US session we will get Canadian 1st quarter GDP data (2.5% annualized expected) before the release of May Chicago PMIs and the Jolts survey for April, where job openings are expected to have declined to just over 9,400,000. The Fed’s Collins, Harker, Bowman and Jefferson will all be speaking, as will the BOE’s Mann and the ECB’s Villeroy and Visco. Thursday: China’s Caixin manufacturing PMI is first up and expected to confirm a slightly contractionary read of 49.5. This will be followed by manufacturing PMIs for Spain, Italy, France, the UK, Germany, Canada and the United States, as well as UK house prices for May and German retail sales for April. US initial jobless claims will also be released with the market expecting a slight increase to 235,000 w-o-w. The May ISM survey closes out the day in data with the manufacturing index expected to slip 1 tick to 47, while the prices paid index is also expected to moderate slightly to 52.5. ECB speakers on the day will include President Christine Lagarde, Bank of France Governor Villeroy and Financial Stability Board Chair Klaas Knot. followed by the Fed’s Harker. Friday: The morning brings Aussie home loan data and 1st quarter terms of trade numbers for New Zealand. Later on we get French industrial production and Spanish employment figures before the real hero of the day: US non-farm payrolls. Payrolls for May are expected to have increased by 190,000, while the labor force participation rate remains steady at 62.6% and the unemployment rate moves up one tick to 3.5%. Non-farm payrolls is always an important number, and doubly so this week as the market looks for further direction after the bullish end to last week. Tyler Durden Mon, 05/29/2023 - 12:30.....»»

Category: personnelSource: nyt21 hr. 25 min. ago Related News

Former Russian commander in Ukraine says Putin could be overthrown by the Wagner mercenary army

The Wagner army could pose a huge threat to Putin's power, according to Igor Girkin, a former Federal Security Service officer who once led a group of Russian militants in Donetsk. Yevgeny Prigozhin, the founder of a Russian mercenary group known as Wagner (left), and Russian President Vladimir PutinMikhail Svetlov/Contributor via Getty Images A former Federal Security Service officer said Putin could be overthrown by Wagner. The Wagner Army is Putin's private military army, largely made up of mercenaries. The Army chief, Yevgeny Prigozhin, could pose an active threat to Putin, said the war analyst. Vladimir Putin could be ousted by Russia's private military group, the Wagner army, according to Igor Girkin, a former Federal Security Service officer who once led a group of Russian militants in Donetsk.Girkin, who is also known by his alias "Strelkov" and is now a prominent war blogger , said that Wagner's chief Yevgeny Prigozhin could overthrow the Russian president, the Daily Mail reported."If Prigozhin remains the head of Wagner, the mutiny will come quickly and radically," Girkin said in a video shared by WarTranslated."A coup attempt has been declared...What will happen next, I don't know, especially as Wagner is urgently withdrawn to rear bases...The danger of a looming coup is clear."Prigozhin, who was once close with Putin, has in recent months repeatedly criticised Russian defense ministry. Last week he said that Ukraine has gained more troops and more weapons since Russia's full-scale invasion of Ukraine.The Wagner founder added to his feud with Russia's public leaders when he claimed that the Ukraine war had backfired, according to The Hill. He counted large losses to the Wagner Group in their pursuit of Bakhmut, as well as the Ukrainian army's strength, while suggesting that Russia's top leadership should be changed.Girkin has been critical of the impact of the invasion of Ukraine on Russia.In a YouTube manifesto last month, reported on by the Ukrainian newspaper Ukrayinska Pravda, Girkin said that the situation on the frontline has an "extremely negative" impact on the Russia's ability to win the war."I'm not afraid to say that we are heading towards military defeat," Girkin said, adding that the Russian economy, military, and political system were unprepared for such a "long, protracted war."Read the original article on Business Insider.....»»

Category: dealsSource: nyt21 hr. 53 min. ago Related News